USA PATRIOT Act & CIP
Get USA PATRIOT Act & CIP-compliant with
automated identity verification.
The Most Robust Way
to Identify Your Customer
Under the USA Patriot Act, all financial institutions have to maintain Customer Identification Programs to verify customer identity to facilitate the detection and prevention of international money laundering and the financing of terrorism. To comply with strict CIP requirements, many banks are deploying identity verification solutions as the backbone of their program. Veratad’s flexible suite of solutions provides an automated and cost-effective way to know your customers, satisfy CIP requirements and combat criminal activity.
Level Up Your CIP Compliance
Veratad strengthens your CIP program by establishing robust identity verification procedures for onboarding customers. We help you verify new customers against billions of global trusted and verified identity records and data sets. We then screen against reputable blacklists and grey lists, including OFAC, sanctions, Politically Exposed Person datasets and more. Finally, we maintain a “footprint” of each transaction protecting the privacy of your customer while providing an audit trail for compliance.
Flexible and Scalable CIP Compliance
A key component of CIP requirements is that your program must be appropriate for the size of your business. Programs built with Veratad are versatile and rapidly scalable. As your business grows, you’ll be able to leverage economies of scale, driving your cost per verification transaction down over time. We can also deploy more advanced verification methods, such as biometrics and manual review, should your risk tolerance or legal requirements change.